Advent International nears deal to acquire Culligan -sources

Oct 11 Private equity firm Advent International
Corp is nearing a deal to acquire U.S. water treatment company
Culligan International from buyout firm Centerbridge Partners LP
for more than $900 million, including debt, people familiar with
the matter said.

Advent prevailed in an auction for Culligan that attracted
the interest of other private equity firms, as well as pump
manufacturer Pentair Plc, the people said on Tuesday.

A deal could be announced as early as this week, the people
said, cautioning that an agreement has not been finalized and
the outcome could still change.

The sources asked not to be identified because the
negotiations are confidential. Culligan, Advent, Centerbridge
and Pentair did not immediately respond to requests for comment.

Based in Rosemont, Illinois, Culligan offers water
softeners, filtration systems, industrial water treatment
solutions and drinking water systems.

Known for its advertisements starting in the 1950s that
featured a cartoon housewife beckoning "Hey Culligan man!",
Culligan was acquired by Centerbridge in 2012 in an out-of-court
debt restructuring. Its previous owner was buyout firm Clayton,
Dubilier & Rice LLC.
(Reporting by Greg Roumeliotis in New York; Editing by Alan
Crosby)

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